To abandon some endeavour does not feel a lot like success, but that’s just a point of view.
There is a lot of merit in the belief that it is better to try and fail than to fail to try, and to then live out your life not knowing whether your idea (hypothesis) would have worked or if you had what it takes to ‘make a go of it.’
To try something and to find that it doesn’t work is an opportunity to reflect and learn something, for example, what is causing the lack of success:
- Is it inexperience? If so, will training help?
- Does your solution solve a job to be done? If your solution does not solve an existing job to be done or one that people don’t yet
realise they have, then there is no hope. - Do enough people agree that your solution is the best available, that is, do you have a Distinctive Value Proposition? If not, are there any improvements you can make?
- Are prospective customers prepared to pay what you need to support your business model?
- Are there enough prospective customers both now and in the future?
If you can’t solve the above questions, then it is probably time to abandon your entrepreneurial